Many individuals in India opt for a gold loan as gold is largely available in Indian households. A gold loan is a secured loan and thus the interest rates are lower making it an appealing option for most customers. There are many private and public banks that offer gold loans. There are many Non-Banking Financial Companies (NBFCs) that also offer the same.
Some of the lenders that have low interest rates with other additional features are:
1. ICICI bank:
Instant gold loans are provided and can be availed over the counter in minutes.
Loan amounts range from Rs.10,000 to Rs.15,00,000.
Simple and easy documentation is available.
The customer’s gold is kept safely in a vault in strong rooms.
Tenures are short and range from 6 months to 12 months
Interest rates start at just 10% and can go up to 17.45% based on the loan amount and relationship with the bank.
2. HDFC bank:
Instant funds against the gold are provided in just 45 minutes
Loan amounts range from Rs.25,000 to Rs.50,00,000 (A minimum loan amount of Rs.10,000 is available for rural markets)
The gold is kept safely in lockers.
Tenures range from 6 months and extent up to 48 months.
Interest rates range begin at just 10.05% and can go up to 15.51% based on your loan amount and other factors.
3. IndusInd bank:
Over the counter gold loans are available.
Loan amounts of up to Rs.10 lakhs can be availed
The gold is assessed and locked safely in front of the customer.
Tenures range from 3 months to 1 year.
Interest rates begin at just 11.25% and can go up to 15.50%
To apply for a gold loan, click here.